Investment will drive rapid uptake of OCB’s cancer tests and expand its development pipeline
Oxford Cancer Biomarkers Ltd (OCB), the UK-based company developing tests that allow medicines to be personalised for the benefit of the cancer patient, has today announced that it has received significant investment from MGMED, Inc. based in, Geumchun-gu, Seoul, Korea.
The investment will allow OCB to increase market penetration for its existing suite of precision oncology tests, in addition to expediting the development and launch of novel diagnostic technologies. OCB currently offers it’s ColoTox and ColoProg diagnostic tests to patients in the United Kingdom. The new investment will allow OCB to further its core aim of making precision oncology diagnostics a daily reality for millions of cancer sufferers around the world.
OCB has developed a suite of diagnostic tests, initially for colorectal cancer (CRC), to personalise current treatment pathways and plans to develop similar tests for other cancer indications. CRC is the third most commonly diagnosed malignancy and the fourth leading cause of cancer related deaths in the world. As of 2012, 1.4 million new cases of colorectal cancer were diagnosed year, and over half of these cases prove fatal.
MGMED, Inc, is a leading molecular diagnostics organisation, focussed on bringing cutting edge molecular diagnostic technologies to market. The team at MGMED has extensive experience in product development and launch including clinical development, regulatory strategy, clinical laboratory services, sales and marketing. MGMED’s core business model is driven by patient and clinician needs.
Lee Byong Hwa, CEO of MGMED, commented “We are delighted to become a shareholder in one of the pioneers in biomarker technologies. Through this partnership, we look forward to supporting the continued growth and development of the Company.”
Prof David Kerr, Chief Medical Officer of OCB, commented “This partnership signifies the beginning of a long and productive relationship between our two companies. We believe that several strong areas of synergy between MGMED and OCB will allow patients and clinicians worldwide to reap the benefits of our endeavours”
About Oxford Cancer Biomarkers
Oxford Cancer Biomarkers translates ground-breaking cancer research into predictive diagnostic products that allow medicines to be personalised for the benefit of the cancer patient. Oxford Cancer Biomarkers is a spin-out of the University of Oxford and has strong links with the Medical Sciences Division in Oxford University. The company was founded by Nick La Thangue, Ph.D., Chair of Cancer Biology at Oxford University and David Kerr, CBE, D.Sc., M.D. FMedSci, Professor of Cancer Medicine at Oxford University. Investors in OCB include Longwall Venture Partners LLP, Esperante BV and the University.
For more information, please visit: http://www.oxfordcancerbiomarkers.com
Oxford Cancer Biomarkers Ltd
Tel: +44 1865 784743
David Oxlade, Chairman
About MGMED, Inc.
MGMED is a genetic testing service provider in Korea, based on the DNA chip technology. The company has Korean BAC library and manufacture microarrays-Array Comparative Genomic Hybridization (CGH). MGMED’s genetic testing service is aimed at detecting genetic abnormalities from DNA extracted from cord blood, blood samples from newborns and others, stem cells and cancer cells. The company was founded by Macrogen Inc. which is a global company specialized in the field of human genome information and bioinformatics and located in Korea.
10F, Elysia bldg. 173, Digital-ro, Geumchun-gu, Seoul, Korea.
Tel : +82-2-890-8726
Lee Byong Hwa, CEO of MGMED